DAILY BRIEFING: Betting giant Ladbrokes Coral on track for hike in profits despite savage December for horse racing and football results

Betting giant Ladbrokes Coral is on track for a hike in profits despite a savage December for horse racing and football results.

The group, created from the £2.3bn merger of Ladbrokes and Gala Coral in October, saw surging online revenues help it overcome a tough end to 2016 for results, when a number of favourites came out on top.

Boost: Ladbrokes Coral saw surging online revenues help it overcome a tough end to 2016 for results

Shares rose 3 per cent as the group said it was on course for full-year operating profits of £275m to £285m.

Co-op cheer

The Co-operative Group declared it was ‘back’ after surging Christmas quarter sales.

The mutual said its retail chain saw food sales rise 3.4 per cent in the final quarter, boosted by a 4 per cent increase at its core convenience stores.

It also cheered a 17 per cent jump in direct motor insurance sales and a 73 per cent hike in pre-paid funeral plan sales.

Premier fall

Shares in Mr Kipling maker Premier Foods fell more than 10 per cent as it warned profits would be lower than expected.

The Bisto gravy maker has been hit by the rising cost of sugar, chocolate, milk wheat and palm oil – driven up by the fall in the pound.

Share this article

The warning sent shares down 11 per cent, or 5.25p to 42.75p – far below the 65p per share offered for the company by US food maker McCormick last year.

Deutsche dismay

Top staff at Deutsche Bank have had bonuses slashed after a disappointing year at the troubled German lender.

The firm’s 25,000 highest-paid workers will not get a bonus after it suffered a plunging share price and a £5.9bn fine from US authorities over mis-selling of toxic mortgage debt.

But at US giant Goldman Sachs, it was yesterday revealed that staff took home £274,600 each last year – despite a £7,000 pay cut.

The US lender, with around 6,000 staff in London, paid 34,400 employees in 2016 an average £274,600 each, down from an average of £281,033 per person. It revealed a 27 per cent jump in profits to £5.7bn.

Suisse settles

Credit Suisse has finalised a £4.3bn settlement with US authorities over mis-selling toxic bundles of mortgage debt.

The bank will pay the cash to the Department of Justice for its role in the scandal which triggered the financial crisis.

JP payout

JP Morgan has settled claims that it discriminated against black and Hispanic US borrowers seeking mortgages who were charged higher rates and fees. It will pay £44.7m but denies wrongdoing.